The Real Deal - New York Real Estate News

Bronx building where deadly fire occurred had faulty door, heat issues

Posted: 10 Jan 2022 02:54 PM PST

UPDATED Jan. 10th, 2022, 7:28 p.m.: A month ago, a resident at 333 East 181st Street complained that a self-closing door was not working and that a malfunctioning radiator had left an entire unit without heat. Early reporting suggests similar issues in a separate apartment in the West Bronx building may have contributed to the Sunday morning blaze that killed 17 people, including eight children, in the city’s deadliest fire in three decades. The fire broke

Justin Timberlake says “Bye Bye Bye” to 443 Greenwich

Posted: 10 Jan 2022 02:00 PM PST

Justin Timberlake is packing up his suit and tie and moving out of his Tribeca penthouse. The pop star sold his apartment at 443 Greenwich Street for $29 million, the Wall Street Journal reported. The 5,400-square-foot, four-bedroom unit traded hands in an off-market deal. Timberlake and his wife, actress Jessica Biel, picked up the home for $20.2 million in March 2017. Property records show an entity tied to Timberlake sold Penthouse G in the star-studded

Hines targets undervalued properties with $1B fund

Posted: 10 Jan 2022 01:15 PM PST

Houston-based investment firm Hines is ready to rock with its latest fund, targeting undervalued properties across a wide range of sectors in the United States. The Hines U.S. Property Recovery Fund is looking to raise $1 billion in equity to invest in properties in the 30 largest cities in the country, Bloomberg reported. The fund will have a purchasing power of $2.5 billion when considering debt. The fund is already on the move, as Bloomberg

Brooklyn Heights, Dumbo units lead borough’s luxury contracts in first week of 2022

Posted: 10 Jan 2022 12:30 PM PST

The two priciest contracts signed in Brooklyn last week sit less than a mile away from each other, on either side of the borough’s eponymous bridge. A Brooklyn Heights co-op asking $6 million topped the list of Brooklyn’s luxury contracts asking $2 million or more, according to Compass’ weekly report. The 3,000-square-foot penthouse at 160 Henry Street priced at $1,000 per square foot has four bedrooms and four bathrooms, in addition to a wrap-around terrace,

Meta goes mega on Texas office space

Posted: 10 Jan 2022 11:45 AM PST

Meta Platforms is making a splash in downtown Austin. The company, formerly known as Facebook, leased all the office space in the Sixth and Guadalupe building, which will be the tallest tower in the Texas capital, according to the Austin Business Journal. It rented 589,000 square feet across 33 floors in the building, which is under construction at 400 West Sixth Street. Rising 875 feet, the 66-story tower will be the first Austin high-rise with

Robert Durst dead at 78

Posted: 10 Jan 2022 11:41 AM PST

Robert Durst, the black sheep of one of New York real estate’s royal families and a convicted murderer whose life was the subject of an HBO documentary, died Monday. He was 78. Durst died of cardiac arrest at a hospital in Stockton, California, after doctors were unable to revive him, his lawyers told the New York Times. He was sentenced to life in prison in October for the murder of his friend, Susan Berman, at

Is “medtail” a cure for Manhattan’s vacant storefronts?

Posted: 10 Jan 2022 11:00 AM PST

As big-box retailers reduce their brick-and-mortar presence in New York City, an emerging class of tenants is proving to be just what the doctor ordered. Empire State Realty Trust is targeting “medtail” — medical tenants in retail spaces — for its 44,000-square-foot retail condo at the base of 1010 Third Avenue. The three-story space is fully occupied by Ethan Allen, but after the furniture chain significantly reduces its footprint later this year, ESRT plans to

Silverstein raises another $2B for real estate lending fund

Posted: 10 Jan 2022 10:15 AM PST

Development markets from New York to Los Angeles have some new money to play with. Silverstein Capital Partners, Larry Silverstein’s real estate lending operation, has raised another $2 billion, the firm announced Monday. The firm’s investments crisscross the U.S., including a $340 million loan last month for the Legacy Hotel & Residences in Miami — the third-largest construction loan ever issued in Florida — and a $236 million mezzanine loan in 2018 to JDS Development’s

Tribeca condos topped Manhattan’s priciest contracts

Posted: 10 Jan 2022 09:45 AM PST

New York City’s frosty first week of January accompanied a slight cooldown in Manhattan’s luxury market. Buyers signed just 21 contracts for homes asking $4 million and above, according to Olshan Realty’s weekly report. Of those, condos outsold co-ops 13 to six and two townhouses traded hands. The priciest contract was unit 5C at 71 Laight Street in Tribeca, which asked $13.1 million. The 3,708-square-foot condo has five bedrooms and five-and-a-half bathrooms, along with an

Future City: JLL’s latest proptech play; Entrata chairman ousted

Posted: 10 Jan 2022 09:00 AM PST

Bigger, smarter JLL bought the cloud-based “virtual engineering” platform Hank for an undisclosed sum, adding to its smart building offerings. JLL was a major player in 2021’s record year of M&A, buying the data analytics platform Skyline AI and the building operations platform Building Engines. With Hank, the firm adds a building management platform it says can boost “tenant comfort” and save owners up to 30 percent on energy costs. Sacramento-based Hank uses artificial intelligence

Dispute stalls East Hampton’s $2.8M community preservation fund purchase

Posted: 10 Jan 2022 08:30 AM PST

Disputes over the transactional agreement for a parcel of East Hampton land have hampered the town’s purchase as part of its community preservation fund. The town purchased about a one-third acre property at 21 Muchmore Lane in East Hampton Village adjacent to Herrick Park. The East Hampton Star reported the town paid close to $2.8 million for the land from Ralph Dayton, son of a former mayor of the village who died in 2003. The

Roku racks up big lease at RXR’s 5 Times Square

Posted: 10 Jan 2022 07:45 AM PST

Roku already has a place in the homes of millions of Americans, but soon it will have a new home in one of the most glamorous media meccas in the world. The digital media manufacturer agreed to a long-term lease for 240,000 square feet at RXR Realty’s 5 Times Square, according to the New York Post. The lease gives Roku the top eight floors of the building, as well as control over the vertical sign

Forget the smut, we have the dirt

Posted: 10 Jan 2022 06:30 AM PST

Up late and looking for some dirt? Get your mind out of the gutter. It’s the Daily Dirt. Chuck that paperback smut and check your phone weeknights at 10 p.m. for our newsletter on the hottest, juiciest bits of New York real estate — exclusively for TRD subscribers. Our award-winning journalist Kathryn Brenzel (joined on Fridays for a dispatch by Joe Lovinger) delivers on the local news, deals, trends, and political, shall we say, affairs